AUSTRALIA: Roy Hill Deal Boost For Billionaire Rinehart
THE Rinehart family might be embroiled in battles and court stoushes in their private lives, but in the business world the fortunes of Hancock Prospecting continue to soar.
Japanese trading house Marubeni Corporation has confirmed its position in the consortium of buyers poised to purchase a 30 per cent share of Hancock Prospecting’s Roy Hill iron ore project for $3.2 billion.
Hancock Prospecting chairwoman Gina Rinehart described the pending financial commitments to the project with iron-ore buying nations as ”strategic alliances”.
Under agreements to purchase, Marubeni would buy 12.5 per cent, Korean steel maker POSCO 15 per cent and STX Corporation 2.5 per cent in subsidiary Roy Hill Holdings, Marubeni announced yesterday.
POSCO and STX already had access to 5 per cent through a $332 million perpetual note from 2010.
Hancock Prospecting would retain the majority 70 per cent stake.
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